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    ROBERT VOGEL ROBERT VOGEL Document Transcript

    • Informal and Microenterprise Finance Agricultural Credit and Rural Finance Credit Union and Cooperative Finance Legal and Regulatory Framework Analysis ROBERT VOGEL EDUCATION Ph.D., Economics (Stanford University Fellowships, Ford Foundation Fellowships), Stanford University, Palo Alto, California, 1967. Dissertation: “The Demand for Cash and Liquid Assets by Manufacturing Corporations: Estimates and Implications.” A.B., Economics (Phi Beta Kappa, Magna Cum Laude, Sylvester Prize, Merrill Prize), Amherst College, Amherst, Massachusetts, 1960. PROFESSIONAL EXPERIENCE Over 30 years GEOGRAPHIC EXPERIENCE Long Term: Costa Rica. Short Term: Bangladesh, Bolivia, Brazil, Bulgaria, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Estonia, Guatemala, Honduras, Hungary, India, Kyrgyz Republic, Kosovo, Mexico, Mongolia, Nicaragua, Panama, Philippines, Peru, Poland, Romania, Swaziland, Tunisia, Trinidad and Tobago, Ukraine, Uzbekistan, Venezuela. LANGUAGES English (native), Spanish (fluent) KEY QUALIFICATIONS During his professional career, Dr. Robert Vogel, who holds a Ph.D. in economics from Stanford University, has been a professor of economics at The Ohio State University, Syracuse University and the University of Miami; a financial economist with the World Bank; and a senior staff economist with the President's Council of Economic Advisors. As the Executive Director of IMCC, he provides technical leadership for all financial sector projects and personally consults on the firm’s flagship contracts. Not only does he provide overall technical and administrative direction of IMCC’s core activities, he has also exerted hands-on management of projects as Chief-of-Party for major IMCC activities; e.g., Bolivia, Costa Rica, El Salvador, Guatemala, Honduras, and the Philippines. He has coordinated a number of long-term projects involving complex variables and the mobilization of several specialists. For example, he has overseen IMCC’s decade-long presence in Manila where the firm has undertaken a series of financial sector reform projects. A recurring theme that unites much of Dr. Vogel’s professional interests, consulting activities, and publications is that of how financial services can be delivered effectively to people of meager economic resources, both in urban and rural settings, and by different types of financial International Management and Communications Corporation Proprietary Information Robert Vogel, Page 1
    • organizations, both by non-bank institutions such as NGOs, savings and loan cooperatives, and by formally regulated commercial banks and quasi-bank institutions. For more than 30 years, Dr. Vogel has been a leader in solving problems that impede financial sector development. His consulting career in financial markets and institutions covers more than 25 countries in Latin America, Asia, and Eastern Europe for USAID, international donor agencies, various central banks and development banks, and private sector clients. As early as 1969-70 he managed a project that analyzed agricultural credit and rural finance problems in Costa Rica and recommended solutions that anticipate the current theories of financial reform and liberalization. He led a Peru rural savings mobilization project, where he challenged the conventional belief that no savings capacity existed among the rural poor in developing countries by demonstrating that savings did indeed exist and could be mobilized if appropriate policies and incentives governing financial institutions were understood (Savings Mobilization, the Forgotten Half of Rural Finance). He later headed the World Bank's assessment of how to rehabilitate Bolivia's financial sector after hyperinflation and subsequently helped to implement several of the key recommendations under a USAID project. In the early 1990s, he led a series of financial sector projects in El Salvador, Honduras, and the Philippines, in which he predicted, correctly, that exchange rates would appreciate rather than depreciate with liberalization of foreign exchange markets, due to increased credibility. Dr. Vogel has an extensive list of publications in the leading economics journals, chapters in numerous books on finance and development, and essays, including a paper Maximizing the Outreach of Microenterprise Finance: The Emerging Lessons of Successful Programs, which he co-authored with Robert Christen and Elizabeth Rhyne. While his interests range from monetary policy and central banking to rural and informal finance and the role of credit unions, he has also conducted a feasibility study for the privatization of Peru’s “Cajas Municipales.” Recently, he has focused his work on the regulatory aspects of microfinance and on rural finance. In regulatory work,, he has developed a transparent, market-based alternative to formal regulation for lenders that do not take deposits and had adapted risk-based supervision to microfinance regulation to enhance its efficiency and effectiveness. In rural finance, he recently led an exhaustive study of rural finance in Central Asia and, perhaps more importantly, has written a brief but important paper that examines what has been learned from the failures of traditional agricultural credit programs together with the demonstration that microfinance can provide a sustainable approach to poverty alleviation: From Agricultural Credit to Rural Finance: In Search of a new Paradigm. PROFESSIONAL EXPERIENCE Executive Director, International Management and Communications Corporation (IMCC), Arlington, Virginia, 1988 – present. Provides technical direction for all financial sector projects implemented by IMCC. Oversees all of IMCC’s assignments and provides technical consulting services, including assignments in more than 25 countries from Latin America to Asia, Eastern Europe and the former Soviet Union for USAID, the World Bank, the Inter-American Development Bank, the Asian Development Bank, various central banks and development banks and a number of private sector clients. Director, World Banking and Finance Program, The Economics Institute, Boulder, Colorado, 1988 -1996. Adjunct Professor of Agricultural Economics, The Ohio State University, Columbus, Ohio, 1985-1995. International Management and Communications Corporation Proprietary Information Robert Vogel, Page 2
    • Visiting Professor of Economics, American University, Washington, D.C., 1985-1986. Courses: Money and Banking, Financial Markets in Developing Countries, Economic Development. Professor of Economics, University of Miami, Coral Gables, Florida, 1983-1987. Courses: Monetary Theory and Policy, Economic Development, Financial Markets in Developing Countries. Financial Economist, The World Bank, Washington, D.C., 1984-1985. Principal Areas: Financial Sector Projects and Studies, especially Chile, Costa Rica and Ecuador; Financial Sector Policies, especially deposit mobilization and loan repayment problems of development finance companies. Visiting Professor of Agricultural Economics, The Ohio State University, Columbus, Ohio, 1979-1984. Courses: Rural Financial Markets in Developing Countries. Professor of Economics, Syracuse University, Syracuse, New York, 1978-1983. Courses: Macroeconomic Theory, Financial Markets in Developing Countries. Associate Professor of Economics, Southern Illinois University, Carbondale, Illinois, 1973-1978. Courses: Monetary Theory and Policy, Latin American Economic Development, Macroeconomics. Visiting Associate Professor of Economics, University of Florida, Gainesville, Florida, 1976-1977. Courses: Latin American Economic Development, Macroeconomics. Senior Staff Economist, President's Council of Economic Advisors, Washington, D.C., 1972-1973. Principal Areas: Public Finance, Fiscal Policy, Econometrics, Forecasting. Assistant Professor of Economics, Wesleyan University, Middletown, Connecticut, 1965-1972. Courses: Monetary Theory and Policy, Macroeconomics, Public Finance, International Trade, Latin American Economic Problems. Chairman, Latin American Studies Program, Wesleyan University, 1970-1972. Research Director, Wesleyan/A.C.M. Program in Costa Rica, 1968-1970. English Teacher, Cranbrook School, Bloomfield Hills, Michigan, 1960-1961. PUBLICATIONS “From Agricultural Credit to Rural Finance: In Search of a New Paradigm,” International Symposium on Experiences and Challenges in Microfinance and Rural Development, October 2003. “Key Issues in Regulation and Supervision of Credit Cooperatives,” Asian Development Bank, Quarterly Newsletter of the Focal Point for Microfinance, December 2002. “Regulatory and Supervisory Trends in Micro-Banking: Examining Experiences in the Philippines and in Latin America,” Asia-Pacific Economic Community, July 2002. “Measuring the Role of Financial Institutions in Poverty Reduction,” Asian Development Bank, March 2002. International Management and Communications Corporation Proprietary Information Robert Vogel, Page 3
    • “Proposed Framework for the Regulation and Supervision of Micro Finance Institutions in Peru,” Report to the Inter-American Development Bank, December 2001 (with Tom Fitzgerald). “Performance Audit Report: Mexico: Contractual Savings Development Programs,” Operations Evaluation Department, World Bank, November 2000. “Performance Audit Report: Philippines: First and Second Rural Finance Projects,” Operations Evaluation Department, World Bank, June 2000. “Moving Towards Risk-Based Supervision in Developing Economies,” Harvard Institute for International Development, CAER II Discussion Paper No. 66, May 2000 (with Tom Fitzgerald). “Options for the Agricultural Development Bank and Rural Finance in Trinidad and Tobago,” Report for the Inter-American Development Bank, February 2000 (with Dale W Adams). The World Bank and Microenterprise Finance: From Concept to Practice, Operations Evaluation Department, World Bank, November 1999 (with Robert Buckley). "Other People's Money: Regulatory Issues Facing Microenterprise Finance Programs," in M.S. Kimenyi, R.C. Wieland and J.D. Von Pischke, eds., Strategic Issues in Microfinance, Ashgate Publishing Company, Brookfield VT, 1998, pp. 197-216. “Old and New Paradigms in Development Finance,” Savings and Development,” Vol. 22, No. 4, 1997, pp. 361-382 (with Dale W Adams). Approaches to Rehabilitating Insolvent Government-Owned Banks: Costs and Benefits of Liquidating an Agricultural Bank in Peru, Harvard Institute for International Development, CAER Discussion Paper, September 1997 (with Dale W Adams and Juan Carlos Protasi). Rural Finance in Romania, Report to World Bank, May 1997 (with Dale W Adams). “Costs and Benefits of Loan Guarantee Programs,” The Financier: Analyses of Capital and Money Market Transactions, February/May 1997 (with Dale W Adams). Financing the Microenterprise, a Training Manual funded by USAID, MAS International, Inc., October 1995 (with Gerald R. Anderson, Robert P. Christen, Arelis Gomez and Calvin Miller). Maximizing the Outreach of Microenterprise Finance: An Analysis of Successful Microfinance Programs, U.S./A.I.D., Center for Development Information and Evaluation (CDIE), Program and Operations Assessment Report No. 10, August 1995 (with Robert P. Christen and Elisabeth Rhyne). Financial Reform: A Manual for Assessing the Roles of Law and Culture, Harvard Institute for International Development, CAER Discussion Paper No. 33, March 1995 (with Philip Wellons and Parker Shipton). International Management and Communications Corporation Proprietary Information Robert Vogel, Page 4
    • Financial Sector Reform in Central and Eastern Europe: Synthesis of Four Country Analyses, Harvard Institute for International Development, CAER Discussion Paper No. 24, September 1994 (with Gail Buyske, Daniel Hogan and Elisabeth Rhyne). Small Savers Instruments for the Philippines, Harvard Institute for International Development, CAER Discussion Paper No. 19, February 1994, and CAER Briefing Note No. 17, March 1994 (with Steven Graybill, Mario Lamberte, Dennis Sheets and Joel Valdez). "Agricultural Credit in the Context of the Ukrainian Banking System," annex to World Bank report on the Ukrainian Agricultural Sector, 1992. "Financial Assets, Inflation Hedges, and Capital Utilization in Developing Countries: An Extension of McKinnon's Complementarity Hypothesis," Quarterly Journal of Economics, May 1992 (with Paul Burkett). "Regulatory Avoidance in Informal Financial Markets," in Dale W Adams and Delbert A. Fitchett, eds., Informal Finance in Low-Income Countries, Westview Press, 1992 (with Robert C. Wieland). "Microeconomic Foundations of Financial Liberalization: Interest Rates, Transaction Costs and Financial Savings," in Claudio Gonzalez-Vega and Michael Connolly, eds., Economic Reform and Stabilization in Latin America, Praeger, l987 (with Paul Burkett). Mobilizing Small-Scale Savings: Approaches, Costs and Benefits, World Bank Industry and Finance Series, Volume 15, 1986 (with Paul Burkett). "Deposit Mobilization in Developing Countries: The Importance of Reciprocity in Lending," Journal of Developing Areas, July 1986 (with Paul Burkett). "Rural Financial Markets in Low Income Countries: Recent Controversies and Lessons," World Development, April 1986 (with Dale W Adams). "Savings Mobilization: The Forgotten Half of Rural Finance," in Dale W Adams, D. H. Graham, and J. D. Von Pischke, eds., Undermining Rural Development with Cheap Credit, Westview Press, 1984. SELECTED RECENT CONSULTING EXPERIENCE AGRICULTURAL CREDIT AND RURAL FINANCE:  ADB, Analysis of Rural Finance in Central Asia, Team Leader, 2003-2004  ADB, Diagnostic Country Study for Rural Finance in Mongolia, 2004  ADB, Diagnostic Country Study for Rural Finance in the Kyrgyz Republic, 2003  ADB, Development of Rural Finance Project for the Philippines, 2002.  USAID, Guatemala Income Generation Activities in Rural Areas, 2000–2002.  IDB, New Approaches to Developing Rural Financial Markets in Peru, 2001.  World Bank, Assessment of Rural Financial Markets in Guatemala, 1998.  IDB, Presentation of Results of the Assessment of Ecuador’s National Development Bank, 1998. International Management and Communications Corporation Proprietary Information Robert Vogel, Page 5
    •  World Bank, Analysis of Rural Financial Markets in Nicaragua, 1997-1998.  World Bank, Analysis of Rural Financial Markets in Romania, 1996-1997. MICRO AND SMALL ENTERPRISE FINANCE:  IDB/Katalysis, Honduras Savings Mobilization Program for Microfinance Institutions, 2003.  World Bank, Assistance with the Bank’s Microfinance Strategy, 2003.  USAID, Support for the Provision and Institutionalization of Business Finance Services in Kosovo, 2001 - 2003.  USAID, Honduras Policy Enhancement and Productivity (PEP), 1999 – 2002.  USAID, Credit Policy Improvement Program (CPIP) to Enhance Policies for Sustainability of Microfinance Institutions in the Philippines, 1996 - present.  World Bank, Access to Financial Services by Micro and Small Enterprises in Brazil, 2001.  IDB, Analysis for a Program to Increase Financial Services for Micro and Small Enterprises in Guatemala, 2001  USAID, Development of Interventions for Micro and Small Enterprise Finance in Kosovo, 2000.  USAID, Development of Paper Analyzing Recent Attempts to Rehabilitate Directed Credit Programs, 1995-1996.  USAID, Analysis of the Viability and Outreach of Successful Micro-Enterprise Finance Programs, 1993-1994. REGULATORY AND LEGAL ANALYSIS:  ADB, Regulation of Non-Bank Financial Institutions and Credit Cooperatives in Mongolia, 2003.  IDB, New Approaches to the Regulation and Supervision of Peruvian Microfinance Institutions, 2001.  USAID, the Potential for Risk-Based Supervision to Improve the Effectiveness and Efficiency of Regulation in Developing and Transitional Economies, 1998-1999.  USAID, Case Study on the Regulation of Microfinance in the Philippines, 1998-1999.  USAID, Case Study on the Regulation of Microfinance in Bolivia, 1998-1999.  USAID, Concept Paper on the Regulation of Microfinance, 1998.  USAID, Analysis of Alternatives for Effective Regulation and Supervision of Honduran Credit Unions, 1995. TRAINING:  Belgian Rural Finance Program in Ecuador, From Agricultural Credit to Rural Finance: In Search of a New Paradigm, 2003.  APEC, Regulatory and Supervisory Trends in Micro-Banking, Mexico Symposium, 2002.  ADB, Measuring the Role of Financial Institutions in Poverty Reduction, 2002.  DFID, Performance Standards for Microfinance Institutions: Introducing Standardized Charts of Accounts in East Asia and Latin America, Lucknow, India, December 2001.  Micro Finance Training Program, Boulder, Colorado, Presentations on Alternative Approaches to the Regulation of Microfinance Institutions, July 2001.  Covelo Foundation (with USAID funding) Training Seminars in Honduras on the Potential Profitability of Microfinance and Regulatory Alternatives for Microfinance Institutions, March-June 2000.  Ministerio de Economia de Guatemala under the IADB Global Credit Program, Series of Seminars on Microfinance to Formal Financial Institutions, April 1999 – June 2000. International Management and Communications Corporation Proprietary Information Robert Vogel, Page 6
    •  TSPI and the Coalition for Performance Standards for Microfinance Institutions, Series of Seminars on Microfinance for Philippine policymakers and practitioners, January 1997 (funded by USAID.).  USAID., Direction of Project to Develop a Graduate Program in Auditing and Financial Controls at the Catholic University of Bolivia, 1994-1997.  USAID, Development of Training Manual on Key Issues in Microenterprise Finance for Banks and other Institutions Wanting to Initiate Microenterprise Finance Programs, 1995.  USAID, Delivery of Training Seminar on Key Microenterprise Finance Issues to Banks, NGOs and Government Officials in Swaziland, 1995.  USAID, Series of Seminars on Subsidized Credit Programs -- Problems and Alternatives -- for Government Officials and Private Sector Leaders in Swaziland, 1995.  The Economics Institute, Seminar for High-Level Ukrainian Officials, Focusing on the Development of Financial Markets and Institutions, Regulation and the Role of Government, Fiscal Policy and Taxation, and Agriculture and Trade Policy, 1994. EVALUATIONS:  IDB, Evaluation of Credit Union Project in Trinidad and Tobago and Prospects for Follow-on Activities, 2004.  IDB, Evaluation of Agricultural Development Bank of Trinidad and Tobago, 2000  IDB, Evaluation of a Study of Savings Mobilization in Peru for COFIDE, 2000.  World Bank, Philippines Evaluation of Rural Finance Projects, 1999.  World Bank, Mexico Evaluation of Pension Reform Projects, 1999.  World Bank, Overall Evaluation of Microenterprise Finance Projects, 1996-1998.  World Bank, Ukraine Country Economic Review: Financial Sector Evaluation, 1998.  World Bank, Guatemala Evaluation of Rural Financial Markets, 1998.  USAID, The Status of Financial Sector Reform in Central and Eastern Europe: Hungary and Bulgaria, 1993.  Accion International, Evaluation of PROPESA's Microenterprise Support Program in Chile, 1990- 1992. CAPITAL MARKETS:  USAID, Analysis of Experiences with Regional Integration of Securities Market in Selected Countries and Regions to Derive Lessons for Southern Africa, 1995-1997. PUBLIC FINANCE:  USAID, Analysis of Insolvent Government-Owned Banks and Alternative Approaches to Dealing with them, 1997.  IDB/COFIDE, Feasibility Study for the Privatization of Peru’s “Cajas Municipales,” 1999–2000.  USAID, Technical Assistance to the Philippine Bureau of the Treasury to Enhance Debt and Cash Management Capabilities, 1994-1996.  USAID, Program for Strengthening the New Central Bank of the Philippines and Related Philippine Government Institutions, 1993-1994. International Management and Communications Corporation Proprietary Information Robert Vogel, Page 7